A Northeast real estate investment company that has been operating in Nashville for the past few years has paid $8.5 million for a visible retail property in Green Hills.
Stoltz Real Estate Partners, based in Bala Cynwyd, Pennsylvania, now owns the 1.03 acre property located in 4012 Hillsboro Pike Across from Hill Center Green Hills and near the busy T-intersection of Hillsboro and Richard Jones Roads.
4012 Hillsboro Pike from 2019
property appraiser
According to Metro records, the seller was the Morehead family of Nashville, originally acquired by a related company in 1945.
The property is home to several retail buildings housing Logos Christian Bookstore and Sleep Outfitters, among others, and is located in Metro Council Member Russ Pulley’s District 25.
The plot is intended to accommodate a building of up to 15 floors. Nearby is the 18-story Vertis, developed by Nashville-based Southern Land Co. In addition, Brentwood-based GBT Realty is seeking to develop a property on Richard Jones Road containing the 16-story Eden House (read here).
A zoning-related dispute was previously settled in Stoltz’s favour, but officials could not be reached for comment on the company’s plans for the site.
Notably, Stoltz continues to acquire real estate in urban Nashville locations. In June 2021, the company acquired a $7.5 million property in Buena Vista that was once home to an O’Reilly Auto Parts and considered redeveloping the site before scrapping that plan (read here). In September 2020, Stoltz paid $34 million for the office component of the Loews Vanderbilt Plaza midtown mixed-use skyscraper (read here).
Founded in 1957, Stoltz also owns The Sheds on Charlotte and the downtown ServiceSource Tower and Public Square Garage. The company entered the Nashville market in 2016 by purchasing downtown Stahlman and The Lofts in 160 apartment buildings. Stoltz has not undertaken any local development, although its website notes that the company offers an investment and property management focus.
Previously, Dallas-based Lincoln Property Co. had contracted the Green Hills property. According to a Metro document, the company had envisaged a project with 300 residential units, 50 hotel rooms, 6,000 square meters of restaurant and retail space and about 36,000 square meters of office space.
Bert Mathews and Lance Bloom – Executive Vice President/Partner and Principal/Vice Chairman respectively of Colliers’ local office – represented the seller. Stoltz had no representation.
